Bitcoin dropped below $10,000 on Wednesday, but overall, the leading cryptocurrency has been exhibiting signs of less volatility, which counters the market oscillations that investors have been experiencing in the equities markets. These steady market movements could help spur more crypto funds in the future.
Bitcoin’s price volatility has dropped to its lowest level since the month of June. Social media giant Facebook and it’s “Libra” project brought some interest back in cryptoassets like Bitcoin, which shot up its price this summer.
Since then, however, Bitcion’s 30-day volatility fell to a reading of 64 last weekend, according to figures provided by Blockforce Capital and Digital Asset Data.
“Bitcoin went on a tear to the upside from April to the end of June, but since then the price has been consolidating and rangebound,” said David Martin, chief investment officer at U.S. asset manager Blockforce Capital.
Bitcoin’s price has, for the most part, remained within the $10,000 price range.
“Bitcoin is in a consolidation phase after the late June rally which took it close to $14,000,” said Joe DiPasquale, CEO of cryptocurrency fund of hedge funds BitBull Capital. ”Since then, the price is rangebound and trading volumes are low compared to the period between May – June. We attribute this to lack of retail investor participation and new money flow.”